March 16, 2018
London-based Knight Frank released its 2018 Wealth Report, which offers a glimpse into what $1 million can buy in real estate around the world, along with additional trends and data on investment, foreign policy, taxation and more.
If you’re looking to drop $1 million on luxury real estate, unsurprisingly, Monaco is at the top of the list and will fetch you 172 square feet for your investment. Hong Kong isn’t far behind at 236 square feet, with New York trailing at 270 square feet. As all of real estate has increased from 2017, the best places to get the best bang for your luxury buck is Sao Paulo, Brazil, where $1 million will buy you more than 1,800 square feet, or in Cape Town, South Africa for 1,700 square feet.
The report dives deeper into cities, noting which perform the best across various metrics using its City Wealth Index. Here’s how they rank:
Wealthiest Population (most people earning $250K+):
1. New York
2. Los Angeles
4. San Francisco
5. Washington, DC
Investment (average number of foreign nationalities investing in 2016-2017):
2. New York
When looking ahead, Knight Frank’s data suggests that these cities will have the highest GDP by 2022:
1. New York
3. Los Angeles
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